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- MKR trades close to the 200 day EMA, the crucial support mark.
- Maker coin price sustained near its trendline and might rebound soon.
Maker coin revealed a falling wedge pattern and is trading close to the 200 day EMA mark, displaying a retracement over the last trading sessions.
Recently, the coin reverted from the resistance mark of $4000 and corrected over 25% last month, and has retested its crucial support zone of $2000 mark. Afterward, the MKR coin respected the support zone and pulled back this week.
Following the market bearishness, the coin continued to form the lower low swings and displayed profit booking at the highs. This week, the chart signalled a fresh bullish wave as buyers started accumulating.
If Maker coin succeeds gains above the $2000 mark ahead, it might gain momentum and will reveal a rebound in the next sessions.
At press time, the Maker price traded at $2370 with a 1.36% intraday gain, reflecting neutrality on the charts. It has a monthly return ratio of -26.20% and 226.30% yearly, reflecting short term weakness.
The pair of MKR/BTC is at 0.0376 BTC, and the market cap is $2.25 Billion. Analysts are neutral and suggest that the MKR price may register a falling wedge breakout and may retain the upside mark of $4000 soon.
Could Maker (MKR) Display a V Shape Recovery Ahead?
The Maker (MKR) coin witnessed a consistent decline and dragged to the 200 day EMA mark, which signifies the seller dominance.
Amidst the market volatility, the coin has failed to accelerate the gains and showed underperformance in the last sessions. Interestingly, the investors have continued to draw their interest and the trading volume increased over 38.27% to $115.18 Million.
Source: TradingView
The RSI curve stays near the midline region and has displayed the positive divergence on the charts. Likewise, the MACD indicator revealed a bullish crossover and conveys a positive outlook for the next sessions.
Technical indicators are suggesting a possible rebound. The coin may stretch the gains beyond the $2500 mark soon. Notably, MKR has a total supply value of 977,631 and was ranked 49.
A post by @Lookonchain revealed that a phishing activity was noticed in the Maker coin, resulting in someone’s loss over $11.1 Million in the last hours.
Someone lost $11.1M in a phishing attack 5 hrs ago!
— Lookonchain (@lookonchain) June 23, 2024
He was exploited for 3,657 $MKR($8.7M) and 2.56M PT Ethena tokens($2.4M).
The exploiter sold 3,657 $MKR for 2,502 $ETH($8.7M), causing the price of $MKR to drop by 7%.
And swapped 2.56M PT Ethena tokens for 689 $ETH($2.41M).… pic.twitter.com/PNcQNCZ9Pc
Source:X
Another post by @Cilinix indicated that, if MKR coin retained the $2500 mark, a much awaited reversal can be seen ahead.
Magic level for $MKR is 2.55 area imo
— Cilinix (@cilinixcrypto) June 22, 2024
If that breaks and holds, we have a beautiful strong HTF structure pic.twitter.com/dgmREFPUy7
Source:X
Price Volatility and Weighted Sentiment Data Outlook
This week, the coin displayed a decline in the price volatility over 15% and dropped to 0.06 mark, revealing that the selloff was eased now.
Source:Santiment
Meanwhile, the investors are not looking confident to buy MKR, as the weighted sentiment looks negative.
Followed the phishing activity in the past hours, the investors have delivered their negative sentiment , which led the decline in the value over 28% to -0.772.
Maker’s Social Metrics Revealed Sharp Surge
Following the phishing activity that happened in the past hours, users have shown their interest to find out about the incident, which led to a 340% spike in the social dominance value in the last hours.
Source:Santiment
Meanwhile, the development activity data remained flat near the midline region, noted at 7.12. The immediate support levels for the Maker coin are $2230 and $2110 whereas the key upside hurdle is around $2500, followed by $2700
Conclusion
The Maker coin price hovered near the 200-day EMA mark, trying to regain the shine and looking for a rebound. Meanwhile, the trend is neutral and buyers have to fetch the $2500 mark to establish dominance.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
